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11/08/16
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NBS Associates has purchased a fully occupied, 59.4 sf office building along with a four-story, 545-space parking structure in El Segundo. The asset was sold by an institutional investor. The price was not given out.
Built in 1980 and upgraded in recent years, the multi-tenant Class B property is situated on just over two acres of land at 181-185 S. Douglas St near the major cross street of El Segundo Blvd. The two-story property includes an elevator, two ground-level doors, and excess parking which provides additional parking revenue from nearby office users.
The property is directly across the street from the Los Angeles Air Force Base and Aerospace Corporation and is adjacent to the 142-acre Raytheon campus. It offers provides easy access to the 105 and 405 freeways and is just three miles north of Los Angeles International Airport.
Alan Pekarcik and Chris Smith with Avison Young represented the seller in the deal. The buyer repped itself.
“The South Bay office market continues to see shrinking vacancy, rising rents, and an influx of capital investment that is attracting energy, automotive, tech, and media industries as they seek alternatives to pricier Los Angeles submarkets such as the Westside, Playa Vista, and Santa Monica,” noted Smith. “This building offers an upside potential for future renovation to capture the growing demand from relocating companies to the area.”
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